FCMB Donates N3.6bn CBN Support Fund To MSMEs

By Ikenga Chronicles December 7, 2016

FCMB Donates N3.6bn CBN Support Fund To MSMEs

First City Monument Bank Limited(FCMB)has donated N3.6bn from the N220bn it received from the Central Bank of Nigeria(CBN) to small businesses and women entrepreneurs.

FCMB had in a statement on Tuesday, said it will continue to be at the forefront in its support for MSME financing having been named the Best African Small and Medium Enterprises Development Bank of the Year by the African Association of Small and Medium Enterprises(AASME).

Among other works done by the bank in the past, is the funding of the Aba Mega Mall, which is the world’s first mall with a dry-port and the first of purpose-built smart mall in Africa.

The President-General of the AASME, Darlington Onuoha-Kalu, commended FCMB’s pedigree and volume of support for the SMEs over the years.

“Its speed and positive response in various partnerships leading to the establishment, growth and development of small and medium-scale businesses is commendable. The bank is helping to solve the problem of unemployment, leading to skills acquisition and, in turn, the nation’s economic development” Onuoha-Kalu said.

AASME consist of a group of micro, small, medium businesses, associations, operators, owners and individual manufacturers within Nigeria, other African countries with headquarters in Aba.

Members include entrepreneurship and skill development cooperatives, palm kernel producers, import and export groups, garment and textile manufacturers, dealers, investment and development cooperatives as well as leather and allied products cooperatives, among others.

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